Friday, November 6, 2009
Significance of Alabama Regional Center expansion
The significance of the Alabama Regional Center expansion is that it is unprecedented and unique, but probably not for long. Multi-state regional centers -- such as the Gulf Coast regional center -- are not unique, but a regional center that has expanded into four contiguous states is. It was a step up for Alabama to seek to cross its state borders, and investment project developers drove the train. Alabama heard from developers in Florida, Georgia, Mississippi and Tennessee that they wanted to use the EB-5 Program and the Alabama Regional Center for partial or full financing but were disappointed that the center's geographic area did not encompass the area where they wanted to do a project. In fact, expansion of the Alabama Regional Center was a no-brainer. It needed to move to the investment activity, so that's what it did.